dubai property giant emaar profits
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Surge on high sales

Dubai property giant Emaar profits

Arab Today, arab today

Arab Today, arab today Dubai property giant Emaar profits

Dubai has started recovering from a three year downturn after a 2014 oil price crash
Dubai - Arab Today

Dubai construction giant Emaar Properties posted a sharp rise in third quarter profits Sunday as residential sales in the glitzy emirate gathered steam.

Dubai has started recovering from a three year downturn after a 2014 oil price crash slammed the Gulf economies which underpin its real estate sector.

But on Sunday Emaar, which owns the world's tallest tower, Burj Khalifa, chalked up a $411 million (350 million euro) net profit for the third quarter, up 32 percent on the same period of 2016.

"The impressive growth in sales of our Dubai residential property launches this year puts us in a strong position to generate strong cash flows for the coming years," Emaar chairman Mohamed Alabbar said.

"The sustained demand for projects in Dubai is a strong indicator of the investor trust in Dubai, which is today one of the fastest-growing hubs for business and leisure."

Officials and analysts say preparations for the emirate's six-month Expo 2020 trade fair have breathed new life into the sector, battered by low demand and sluggish growth.

Sales of properties in Dubai rose rapidly in the years after the market opened to foreigners in 2002.

Prices soared as investors piled in, but when the global financial crisis hit the debt-laden emirate in 2009, it sent them into free-fall.

Tourism, trade and transportation supported a brief recovery, but the 2014 oil price crash slapped prices for homes back down by over 15 percent.

But the Middle East's first World Expo, expected to generate as many as 300,000 jobs by 2020, has boosted the sector, analysts say.

Developers in September defied low rents and sale prices to launch new projects worth tens of billions of dollars at a property show.

Top construction firms including Emaar, Nakheel and Deyaar reported strong sales at the three-day event, and some claimed to have sold out.

Emaar, the largest firm on Dubai bourse, also recorded a 20 percent rise in net profit for the first nine months of 2017, with sales also up 32 percent to $4.18 billion.

The firm has expanded into retail, hospitality and leisure across the region, earning over a fifth of its revenue from international development.

Emaar Malls, the group's retail branch, in March lost a bid to acquire Middle East online retailer Souq.com to Amazon.

But last month, it launched its own online retailer, the $1 billion noon.com with key contributions from Saudi and Kuwaiti investors.

Source:AFP

arabstoday
arabstoday

GMT 01:19 2018 Tuesday ,02 January

Saudi, UAE introduce VAT in first for Gulf

GMT 00:50 2017 Wednesday ,15 November

Insurance hike expected for high-rises

GMT 05:59 2017 Thursday ,02 November

Dubai hosts summit, positions self

GMT 09:50 2017 Sunday ,01 October

Gulf states say goodbye
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dubai property giant emaar profits dubai property giant emaar profits

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dubai property giant emaar profits dubai property giant emaar profits

 



GMT 10:59 2018 Friday ,07 December

Houthi militia shell commercial center in Hodeidah

GMT 21:12 2017 Sunday ,10 December

UAE, Sri Lanka advancing bilateral relations

GMT 19:21 2017 Wednesday ,08 November

Iqbal Day marked in Paris

GMT 18:14 2017 Wednesday ,31 May

A handbag? For $380k, it's yours

GMT 21:17 2017 Saturday ,21 October

EU summit to throw Britain a Brexit bone

GMT 15:45 2017 Friday ,04 August

Yemeni army liberated more areas in Shabwa

GMT 20:23 2017 Thursday ,14 September

Paul Auster tops shortlist for Man Booker prize

GMT 09:55 2017 Tuesday ,14 November

Horford leads way as Celtics win 12th straight

GMT 20:04 2018 Sunday ,02 September

Drive to teach food safety to housewives

GMT 08:54 2014 Monday ,17 November

German artist hits back at Bayreuth Festival

GMT 13:15 2018 Wednesday ,17 January

Bassil welcomes Ambassadors of Iraq, Hungary

GMT 01:05 2017 Thursday ,23 March

Strawberry prices fall to Dh10 a kilogram

GMT 08:33 2017 Tuesday ,14 February

Asian markets dip, dollar hit by Flynn resignation

GMT 15:53 2017 Wednesday ,23 August

Six dead as typhoon smashes into Macau and Hong Kong

GMT 19:43 2017 Sunday ,05 March

FNC Speaker, Irish official discuss cooperation

GMT 13:01 2017 Friday ,10 March

Hohns named as Australia chief cricket selector
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday